By Farah Mokrani •
Published: 30 Nov 2024 • 19:07
• 1 minute read
Smartphone showing the Eurozone flag symbol against a backdrop of stock market charts, reflecting economic trends and inflation in the Eurozone
credit : shutterstock – Rokas Tenys
Belgium has once again claimed the unenviable title of having the highest inflation rate in the eurozone, according to Eurostat’s latest flash estimate for November.
The figure highlights an ongoing trend that places Belgium far above its neighbouring countries and the eurozone average.
Belgium s inflation hits 5%: Key factors driving the surge
In November, Belgium recorded an inflation rate of 5%, a notable increase from 4.5% in October. This figure dwarfs the eurozone s overall inflation rate, which stands at 2.3%, and is significantly higher than in neighbouring countries like:
Luxembourg: 1.1%
This marks the eighth consecutive month Belgium has topped the inflation rankings in the eurozone.
Energy Costs: A major contributor due to the phasing out of government energy subsidies that supported households during the energy crisis between 2021 and 2023.
Post-COVID Effects: Demand surged as economies reopened, putting pressure on supply chains.
Russia’s Invasion of Ukraine: The resulting energy crisis further exacerbated price increases across sectors.
Eurostat measures inflation using the HICP (Harmonised Indices of Consumer Prices), which allows for comparisons across eurozone countries. By this measure, Belgium’s inflation appears higher due to the weighting of energy costs.
However, Belgium’s domestic CPI (Consumer Price Index), which uses a different basket of goods and services, shows inflation stabilising at 3.2% in November.
Eurozone inflation analysis: Key trends and insights
Across the eurozone, the main contributors to inflation in november were:
Non-Energy Industrial Goods: +0.7%
Energy: -1.9% (showing a decline for the region as a whole).
Experts warn that Belgium’s elevated inflation rates may persist if energy prices remain volatile and government supports are not reinstated. For consumers, this means continued pressure on household budgets as the country navigates its way out of a year dominated by economic uncertainty.
Belgium s inflation struggles underline the complex interplay of domestic policies, global events, and market dynamics, a challenge shared across the eurozone but felt most acutely in the heart of Europe.
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